Vera, Renter in Bayonne, NJ

Hi, Questions about the 203k Full loan process.... We want to do structural alterations to a 2 family in Hudson County NJ. We spoke with our

Asked by Vera, Bayonne, NJ Wed Mar 21, 2012

contracto FHA HUD 203k full loan process renovation

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Your question is cut off, please re-post or reply with the rest of your question.

Yes, you most definitely can do structural changes to the home, infact, you can do pretty much anything you want to the home short of completely replacing the foundation.

Your loan officer should be able to guide you through this process, if they can't then they're inexperienced in doing these and you should find a new one.

Your HUD consultant will let you know if there's anything you can't do or isn't feasible for your future home. Make sure to be nice to them because they'll be the most helpful person aside from your loan officer during one of these loans.

Good luck!
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Fri Mar 23, 2012
Also, 203K loans are not the only construction loans available to you. if you are getting a non FHA mortgage, you should be still able to get some loan that will help you out.
0 votes Thank Flag Link Thu Mar 22, 2012
The system cut off your question.

I am not a loan officer or mortgage person, and you would be best advised to ask your mortgage gal or guy about specifics.

To the best of my knowledge you can do structural changes as part of a 203K loan, however this would mean that you would need to be taking an FHA loan, which in turn means that you would need to use one of the units to live in yourself. Taking an FHA loan and not living on premisses would be fraud.

Also, please be mindful of the fact that normally structural changes would in most cases mean you could not take just an express 203K loan (I believe up to $39,000), but would probably need to apply for a regular 203K, which will take longer and postpone your closing.

I hope this covered some of what you were going to ask.



Amos Elroy, SFR (Short-Sale Specialist Certified)
Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Office 201-437-0411
http://www.HobNJRE.com

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0 votes Thank Flag Link Thu Mar 22, 2012
Hi Vera,
I am a Renovation Manager for North Jersey and Wells Fargo. I would be happy to answer any of your questions regarding Renovation Financing. Please feel free to contact me at any of hte means listed below. I look forward to hearing from you.


Jonathan Joachim

Renovation Sales Manager, Renovation Specialist,
Stagecoach Priority Certified
NMLSR ID 413808

Wells Fargo Home Mortgage | 87 Berdan Ave | Wayne, NJ 07470
MAC M6018-011
Tel 973-686-3244 | Toll-free 877-282-2045 | Cell 973-981-3403 | Fax 973-686-3250 | eFax 206-202-3646

jonathan.joachim@wellsfargo.com | http://www.wfhm.com/jonathan-joachim
0 votes Thank Flag Link Thu Mar 22, 2012
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